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Sources close to the case said they believed the letter this was a decisive blow and said IMR was likely to countersue EuroChem for ‘hundreds of millions’.

The oligarchs behind IMR – Alexander Machkevitch, Patokh Chodiev and Alijan Ibragimov – caused a stir in the UK by taking copper miner ENRC private while it was still being investigated by the Serious Fraud Office.